Navitas Semiconductor (NASDAQ:NVTS) Trading Down 6.9% - What's Next?

Navitas Semiconductor Corporation (NASDAQ:NVTS - Get Free Report)'s share price dropped 6.9% on Tuesday . The company traded as low as $6.12 and last traded at $6.10. Approximately 11,047,461 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 12,192,620 shares. The stock had previously closed at $6.55.

Analyst Ratings Changes

NVTS has been the subject of a number of recent research reports. Rosenblatt Securities boosted their price objective on shares of Navitas Semiconductor from $4.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft downgraded shares of Navitas Semiconductor from a "buy" rating to a "hold" rating and set a $3.50 price target on the stock. in a report on Tuesday, June 17th. Needham & Company LLC lowered their target price on Navitas Semiconductor from $4.00 to $3.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Morgan Stanley downgraded shares of Navitas Semiconductor from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $2.10 to $1.50 in a research report on Monday, April 7th. Finally, Robert W. Baird reduced their price objective on shares of Navitas Semiconductor from $5.00 to $4.00 and set an "outperform" rating for the company in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $3.71.

Navitas Semiconductor Trading Up 1.6%

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -12.35 and a beta of 3.01. The business's fifty day moving average price is $4.77 and its 200 day moving average price is $3.45.

Navitas Semiconductor (NASDAQ:NVTS - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.06) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.06). Navitas Semiconductor had a negative return on equity of 22.62% and a negative net margin of 131.83%. The company had revenue of $14.02 million for the quarter, compared to analyst estimates of $14.01 million. During the same quarter in the previous year, the company earned ($0.06) EPS. The firm's revenue for the quarter was down 39.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Navitas Semiconductor Corporation will post -0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Navitas Semiconductor news, Director David Moxam sold 714,199 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $6.50, for a total value of $4,642,293.50. Following the transaction, the director directly owned 78,649 shares in the company, valued at approximately $511,218.50. This represents a 90.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd Glickman sold 532,342 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $4.49, for a total transaction of $2,390,215.58. Following the transaction, the chief financial officer directly owned 234,501 shares in the company, valued at $1,052,909.49. The trade was a 69.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,084,600 shares of company stock valued at $99,761,157. Company insiders own 29.90% of the company's stock.

Hedge Funds Weigh In On Navitas Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in NVTS. SCS Capital Management LLC bought a new stake in shares of Navitas Semiconductor in the 1st quarter valued at approximately $567,000. Hsbc Holdings PLC boosted its holdings in shares of Navitas Semiconductor by 980.4% in the first quarter. Hsbc Holdings PLC now owns 158,566 shares of the company's stock valued at $323,000 after acquiring an additional 143,890 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Navitas Semiconductor by 650.6% in the 1st quarter. American Century Companies Inc. now owns 117,873 shares of the company's stock worth $242,000 after buying an additional 102,169 shares in the last quarter. Nuveen LLC bought a new position in shares of Navitas Semiconductor during the 1st quarter valued at about $675,000. Finally, Invesco Ltd. increased its holdings in shares of Navitas Semiconductor by 22.2% in the first quarter. Invesco Ltd. now owns 1,829,803 shares of the company's stock valued at $3,751,000 after buying an additional 331,832 shares in the last quarter. Institutional investors and hedge funds own 46.14% of the company's stock.

About Navitas Semiconductor

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company's products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.